$BTC supply distribution by halving epoch is wild when you see it laid out:
Epoch 0: 2.40M
Epoch 1: 1.12M
Epoch 2: 1.99M
Epoch 3: 3.58M
Epoch 4: 11.00M
Epoch 4 holders sitting on more than half the circulating supply. OG coins from 2009-2012 barely move. Meanwhile 53% of all $BTC was mined after 2020.
Supply shock narrative isn't just about the halving rate anymore—it's about who's holding what and when they got in. The longer Epoch 4 coins stay dormant, the tighter this gets.
Epoch 0: 2.40M
Epoch 1: 1.12M
Epoch 2: 1.99M
Epoch 3: 3.58M
Epoch 4: 11.00M
Epoch 4 holders sitting on more than half the circulating supply. OG coins from 2009-2012 barely move. Meanwhile 53% of all $BTC was mined after 2020.
Supply shock narrative isn't just about the halving rate anymore—it's about who's holding what and when they got in. The longer Epoch 4 coins stay dormant, the tighter this gets.